This paper presents the principal results obtained by applying the project- management approach to strategic planning and operations management of innovative start-up firms' key activities. This approach is used to implement Drucker's view of entrepreneurship as a systematic discipline and his recommendation that innovation be treated using his principle of systematic innovation. As is well known, the management of growth in an innovative start-up firm is a difficult problem facing that organization. During this particular stage of the firm's development, many interdependent activities need to be performed under the conditions of uncertainty and limited resources. In these cases, flexibility and contingency planning are necessary. The fact that there exists no generally accepted approach that an entrepreneur can utilize, however, results in chaotic situations in many such enterprises. The start-up firm cannot utilize the formalized management systems and procedures available and useful in large firms. In addition, a disorganized, chaotic, random management-decision process will seldom provide desirable results in such firms. Viewing the firm as a project to be managed with specific tasks, activities, precedence relations, durations, and milestones presents an opportunity to utilize project-management techniques, including the critical-path method (CPM). Recent research has demonstrated that project-management methodology and its computer- software applications are applicable to small, innovative start-up firms. By utilizing a microcomputer, one can analyze any start-up business for flaws in management or organization and can chart a more productive path for achieving the firm's strategic goals. Project management using computers is not new: it has been used for years for major aerospace, utility, and construction projects. Only recently, however, have microcomputers and software become inexpensive enough to allow small firms to utilize this approach. The project-management approach collects information about a start-up firm, including all of its planned activities consistent with its evolving business plan, and then utilizes a microcomputer and inexpensive, readily available project-management software to process the information collected. Among the outputs are a “GANTT chart,” which indicates when the various activities should begin and end; a “Job Report,” which provides the earliest and latest possible deadlines for starting and ending each activity; and a “Milestone Report,” which indicates when each key event is to be accomplished according to the strategic business plan. These status reports are extremely valuable to the CEO and to the management team as the firm is kept on course according to its strategic plan. This methodology has been applied to 20 innovative start-up firms in northern California, including a computer graphics company, a semiconductor-equipment manufacturer, and firms that develop software for professional athletes, educators, ophthalmologists, and radio-station managers. In addition, the project-management approach has been applied to plan and schedule Stanford University's current centennial fund-raising campaign. Results indicate that the CEO and the entire management team are able to plan, schedule, and control the innovative start-up firm's multiplicity of activities in a systematic way. The firm is also able to modify its strategic plan based on a review of its updated status reports and to modify its operations plans accordingly. Current research is under way to develop similar systematic methods for managing innovations in large organizations.